Independent Standard-Setting Boards

The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.

The International Accounting Education Standards Board establishes standards, in the area of professional accounting education, that prescribe technical competence and professional skills, values, ethics, and attitudes.

The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.

Aracelly Méndez

Aracelly Méndez has served as a member of the International Public Sector Accounting Standards Board since January 2014, having been nominated by Colegio de Contadores Públicos Autorizados de Panamá

She brings experience in the fields of finance and public sector financial management through her assignments in administration, accounting, finance and operations. Ms. Méndez worked on the Banking Commission (now PBS) until 1991 in the departments of Financial Analysis and Inspection Banking, then joined the Ministry of Economy and Finance (MEF) on January 1992, when she was the Director of Public Credit, and overall coordination of the National Economic Council (CENA).

Ms. Méndez oversaw the operational structure of the various stages and processes addressing the public debt of Panama, including the sovereign debt restructuring with the “Brady Plan.”

She was an active participant in the negotiations of the loan and bond issuances portfolio with international capital market and private banking, as well as developing the domestic debt market, and financing structures, trusts, and debt for nature swaps.

Additionally, she served as an alternate for the government of Panama at the annual meetings of the IMF, World Bank and Inter-American Development Bank, and at meetings with rating agencies.

In July 2009, Ms. Méndez became the MEF National Director of Accounting, with the responsibility to carry out the changes in the processes and systems of public finances based on accountability, transparency, quality and timeliness of information under the project “New Model of Government Financial Management" (MAFG), She has been in charge as sponsor for the implantation project of the new system Governmental Resource Planning for the government.

She holds an undergraduate degree in Accounting and Economics from the University of Panama, a Master’s in Business Administration degree from the University Santa Maria la Antigua, and is a Senior Management Graduate at INCAE. She also has participated in courses and conferences in finance, capital markets, debt management, risk analysis, and public management at the national and international level.

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